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Ladbrokes warned investors today that it expected annual operating profit to fall this year after a poor first-quarter performance at Cheltenham and a continuing struggle with its online gaming operations.

Shares in Britain’s second-largest bookmaker fell by 8 per cent after the unscheduled trading statement, which dashed expectations that it was turning around its fortunes after problems with its online operations last year.

Ladbrokes said that paying out on a number of favourites during the Cheltenham Festival week, along with race cancellations elsewhere this spring, left a large dent in returns.